Again, check the page on the Steam store. If it will be a problem, they'll tell you explicitly how many total installs and stuff under 3rd Party DRM on the far right.
Ah, the general page on the steam website? I thought you meant some page on an account on mine (I don't have any yet). I see no restriction there then, good.
There are other options.
Do you have more than 1 HDD/SSD? I install my OS to my 80GB SSD then use my 1TB Caviar Black for all my programs. Once Steam is on there, you never need re-install it. Even though the OS re-install wipes Steam from the registry, Steam still works. (Unlike many other games/programs.)
The other option is to make backups to whatever storage medium you may have. (HDD/SSD/DVD/Mem. stick)
Goto: Library>(Right click)Skyrim>Backup game files
Great, there's a second drive on my computer, that I use for documents and files only (and I don't wipe that one). I'll put it there then. That backup option sounds good too. Thanks a lot!